Description of Advisory Business Morling Financial Advisors (“MFA”) is an independent registered investment advisor and provides financial planning and investment management services to its clients which consist of individuals, families, businesses, retirement plans, and non-profit organizations. MFA was founded in 1999 in the State of California. It is organized as a Limited Liability Company and its principal owners are Messrs. Wa Huong, Peter Ling, and Matthew Shibata. Types of Advisory Services MFA provides two services: investment management services and financial planning and consulting services. Investment Management Services Clients can engage MFA to manage all or a portion of their assets on a discretionary basis. MFA typically assists clients in identifying and clarifying their investment objectives, constraints, risk tolerance, time horizon, liquidity needs, and other relevant factors that may impact investment needs. Based on these factors, MFA and the client will agree on an appropriate asset allocation. Client assets are generally invested in mutual funds, exchange-traded funds (ETFs), listed equity and fixed- income securities (such as stocks, bonds, and options), hedge funds, as well as private equity, private debt, and other pooled investment vehicles. Some of these funds may be managed by other advisors. Client assets may be allocated to strategies managed by other independent managers. The specific terms and conditions under which a client engages an independent manager are set forth in a written agreement between the independent manager and either MFA or the client. MFA continues to provide services relative to the discretionary selection of the independent managers. Sub-Advisor Services MFA offers discretionary investment advisory services through independent third-party Sub-Advisor(s). Any client who has an account managed by a Sub-Advisor must grant MFA the authority to engage a Sub-Advisor to manage his or her account, which shall be provided for in the Advisory Agreement between MFA and the client. As part of MFA’s discretionary authority, MFA retains the ability to engage or terminate the Sub- Advisor relationship with a client account as necessary to best service its clients’ accounts. Clients will only have a direct relationship with MFA and MFA will serve as the communication conduit between the client and the Sub-Advisor. In third-party managed accounts, the Sub-Advisor will retain discretionary authority to formulate, monitor, and revise the investments held in the client’s portfolios. Clients must authorize the Sub-Advisor to direct trades for clients’ accounts with the custodian. However, this discretionary authority is limited to implementing transactions necessary to allocate the client’s assets among the portfolios as directed by MFA. The Sub-Advisor will be responsible for providing ongoing rebalancing of the portfolios to ensure they continue to align with the stated investment objective and risk tolerance of the portfolio. The Sub-Advisor will not have the authority to provide the client with any investment advice, determine the suitability of its portfolios for the client, or change the portfolio in which the client’s assets are invested in and will

manage the client’s account based on the client information and investment guidelines provided by MFA. The Sub-Advisor will not have possession or custody of cash and/or securities in any accounts, nor any responsibility or liability for custody, which will remain solely with custodian. Financial Planning and Consulting Services Clients can engage MFA for financial planning or consulting services. Clients seek analysis and advice on a variety of topics, which frequently include: expenses and cashflow, insurance coverage, education funding, estate planning, charitable and philanthropic activities, real estate holdings, business issues, retirement plan setup and administration, or other financial topics. Financial planning and consulting advice usually include recommendations for a course of activity or specific actions to be taken by clients. MFA refers clients to investment providers, accountants, attorneys, and other specialists as necessary. Implementation of recommendations is at the discretion of clients. Pension Consulting Services Clients can engage MFA for pension consulting services. MFA provides advice to participant directed retirement plans, such as 401(k) and 403(b) plans. Our approach, as well as the steps in the process, is very similar to those in our other consulting services; but differences result from the application of federal pension laws to these plans. The fiduciary responsibilities of plan sponsors, trustees, and investment advisers are great. It is crucial that all fiduciaries understand their responsibilities. We help educate fiduciaries and share ERISA 3(21) responsibility with the plan sponsors and trustees. Upon request, we also will assume a higher level of fiduciary responsibility by written acceptance of our status as a 3(38) plan fiduciary. In all cases, special requirements that apply to participant-directed retirement plans include:
• Investment choices that are made available to participants must be prudently selected and provide a broad range of risk and return characteristics.
• Participants must have access to information on the suitability and performance of each choice.
• Participants must receive full and adequate disclosure about possible investment costs, volatility, losses and market fluctuations.
• Each investment choice must be well-diversified.
• Participants must have the ability to change their choices at least quarterly. In summary, our goal is to give prudent, expert advice to participant directed retirement plans. In providing investment consulting advice we share ERISA 3(21) fiduciary status with plan sponsors and trustees. If, in addition to this, we are appointed by the plan trustees to take over discretionary control of plan assets, we become an ERISA 3(38) fiduciary, and as such are solely responsible for the selection, monitoring, and replacement of a plan’s investment options. Tailoring of Advisory Services MFA’s services are tailored to the individual needs of each client based on their financial situation. Clients may impose reasonable restrictions on the management of their assets. Client Assets Under Management As of December 31, 2023, MFA was managing $606,989,977 on a discretionary basis.